Comments on: Mortgage and Lending Fraud- Some Of The Most Popular Scams http://privatemoneyutah.com/212/ Just another WordPress weblog Thu, 15 Jul 2010 16:12:32 +0000 hourly 1 http://wordpress.org/?v=3.0 By: steven http://privatemoneyutah.com/212/comment-page-1/#comment-154 steven Mon, 01 Feb 2010 20:03:24 +0000 http://privatemoneyutah.com/?p=212#comment-154 send me info send me info

]]> By: jonathank http://privatemoneyutah.com/212/comment-page-1/#comment-65 jonathank Mon, 06 Apr 2009 03:36:49 +0000 http://privatemoneyutah.com/?p=212#comment-65 Saw an article in the l.a. time recently about an 80 something year old woman who was taken advantage of by her caretaker. Apparently the caretaker signed loans in the elderly woman's name in the tune of $200K! Read about it at the l.a. times site here: http://www.latimes.com/news/local/la-me-ocstory11-2009mar11,0,24126.story Saw an article in the l.a. time recently about an 80 something year old woman who was taken advantage of by her caretaker. Apparently the caretaker signed loans in the elderly woman’s name in the tune of $200K! Read about it at the l.a. times site here: http://www.latimes.com/news/local/la-me-ocstory11-2009mar11,0,24126.story

]]> By: Corey Curwick http://privatemoneyutah.com/212/comment-page-1/#comment-59 Corey Curwick Wed, 25 Mar 2009 22:20:38 +0000 http://privatemoneyutah.com/?p=212#comment-59 I wanted to share a comment from Ron Pippen that he left on LinkedIn.com: Corey, In the first scam mentioned, you are right. Disbursing in stages is the beginning. This is how we protect ourselves at Bank of Utah. Disbursements of funds are only allowed after an inspector has verified that either the work is completed or the materials are on site. We only allow a certain number of draws per month (unless they want to pay for additional inspections). This encourages the builder/buyer to not request draws for small amounts but rather save request draws for larger amounts and fewer times. This is only one reason why we have almost no foreclosures when other banks have millions of foreclosures. Other scams are simply of matter of educating the consumer. Some of these scams also plays on consumer greed. If you think you are going to get your mortgage reduced because of some technicality rather than some blatant act of the lender, the consumer is acting out of pure and simple greed. This usually gets you into trouble - and fast. Remember the motto.... "if it sounds too good to be true, it probably is!! Would anyone like to continue this thread?? I wanted to share a comment from Ron Pippen that he left on LinkedIn.com:
Corey,
In the first scam mentioned, you are right. Disbursing in stages is the beginning. This is how we protect ourselves at Bank of Utah. Disbursements of funds are only allowed after an inspector has verified that either the work is completed or the materials are on site. We only allow a certain number of draws per month (unless they want to pay for additional inspections). This encourages the builder/buyer to not request draws for small amounts but rather save request draws for larger amounts and fewer times. This is only one reason why we have almost no foreclosures when other banks have millions of foreclosures. Other scams are simply of matter of educating the consumer. Some of these scams also plays on consumer greed. If you think you are going to get your mortgage reduced because of some technicality rather than some blatant act of the lender, the consumer is acting out of pure and simple greed. This usually gets you into trouble – and fast. Remember the motto…. “if it sounds too good to be true, it probably is!!

Would anyone like to continue this thread??

]]> By: DANWARD http://privatemoneyutah.com/212/comment-page-1/#comment-58 DANWARD Tue, 24 Mar 2009 21:32:42 +0000 http://privatemoneyutah.com/?p=212#comment-58 I actually know a law firm out in California that does an audit of the loan dox as part of their loan modification work. I've seen them close deals, so I know the concept itself is not inherently bogus. I would say that two easy things for someone to check on this: 1) is the "loan analysis" the sole tool of the modification? If so, scam. 2) Is the attorney in question actually licensed by the state bar in question? The scam I have seen a LOT of recently is this: a project developer is told that they can get a project developed with 2 or 4% down. The funder is invariably a "secret souce" in Europe who will take the 2% into a "trading platform" and buy some kind of bonds (CDOs, MTNs, SBLCs, etc.) at ten cents on the dollar. These will then be sold to Asian investors for 30 cents on the dollar. That process will be repeated three times in 90 days, generating 100% project funding for the developer. I know 8 people who have thought they found the pot of gold on this and have gone bankrupt because they were conned, sometimes out of millions of dollars I actually know a law firm out in California that does an audit of the loan dox as part of their loan modification work. I’ve seen them close deals, so I know the concept itself is not inherently bogus. I would say that two easy things for someone to check on this: 1) is the “loan analysis” the sole tool of the modification? If so, scam. 2) Is the attorney in question actually licensed by the state bar in question? The scam I have seen a LOT of recently is this: a project developer is told that they can get a project developed with 2 or 4% down. The funder is invariably a “secret souce” in Europe who will take the 2% into a “trading platform” and buy some kind of bonds (CDOs, MTNs, SBLCs, etc.) at ten cents on the dollar. These will then be sold to Asian investors for 30 cents on the dollar. That process will be repeated three times in 90 days, generating 100% project funding for the developer. I know 8 people who have thought they found the pot of gold on this and have gone bankrupt because they were conned, sometimes out of millions of dollars

]]> By: RayDietrich http://privatemoneyutah.com/212/comment-page-1/#comment-57 RayDietrich Tue, 24 Mar 2009 17:24:19 +0000 http://privatemoneyutah.com/?p=212#comment-57 Beware of loan modification companies. There are many reputable companies out ther, but, unfortunately there are many more that are now. I have seen them collect large sums of money up front from distressed homeowners, promising them a modification in their mortgage, only to do nothing but cash the check. Investigate those whom you do business with! Beware of loan modification companies. There are many reputable companies out ther, but, unfortunately there are many more that are now. I have seen them collect large sums of money up front from distressed homeowners, promising them a modification in their mortgage, only to do nothing but cash the check. Investigate those whom you do business with!

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